The “Healthy” Path to FIRE: Why You Should Chase TIME, Not Money

[@jimv77]

I was one of those who hated my engineering job but stuck with it for 20 years for the ridiculously high pay but planned to FIRE. 2020 I was planning on totally quitting, but accidentally found a job in supply management that was work from home and really stress free. Cool boss that is very flexible and loves my contribution. No meetings and independent work. No local office, so there is never a return to office option. I now treat my paycheck as fun money, if I don't spend it all each month I donate the extra. My 20 years of savings is enough. Once you find a better job your view towards your FIRE timeline may change as well!

[@holdencawffle626]

Great comment. In the same boat for the most part. I wanna do what you are doing. Any suggestions?

[@dagreatstoney.5869]

Well done 👍

[@anabelThomas-yo2xw]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[@VanChuong-on2gh]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

[@sneakernyame-or7ld]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@HarunTosun-wg4rc]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@sneakernyame-or7ld]

I have a female advisor named Camilla Marie Fuller. I recommend researching her. To be very honest, I'm glad I decided to let someone handle expanding my finances even though I almost didn't think I should.

[@HarunTosun-wg4rc]

Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@CessnaPilot99]

Unfortunately most of the comment threads are BOT conversations recommending a financial advisor. They always include the middle name of the fake scam financial advisor

[@educatedwanderer9293]

I reached my goal of 25X at age 52. My wife said keep working until 65... the idea of FIRE just didn't catch on for us completely. Now I'm $37X at age 55, and we talked about FI again. The current plan is to retire at age 60 as that is when my employer will cover health insurance to bridge us to age 65. Part of our trepidation could be the market being overinflated in price, so instead of jumping we will stick to the plan provided by our situation.

[@wombatstriker]

Interesting comment from Scott about paying off your mortgage prior to RE and how you will need less money to just pay it off than you would to generate the money to pay for it. I know I've heard him mention it at least once before, but never calculated it for my own situation. I thought with a less than 3% interest rate (2.875% vs 4% rule), it may not make sense for me to pay it off early. Even with a low interest rate and high percentage of initial loan balance remaining, I'd still need 36% more to generate the money to cover principal and interest using 4% rule than just paying off the mortgage.

[@BlakeLennonMusic]

Interesting. I don’t think I’ve heard them get into this and I’ve listened to a significant number of episodes. 😂 Do you (or anyone else) recall which episode they may have dove deeper into this?

[@tcwaz]

This is exactly why I paid my low rate mortgage off. I am trying to keep retirement income low for ACA subsidies, and not having 24k extra income per year to just pay a mortgage was a better plan for me. Plus, I don't like having any debt and I feel a lot better about having it paid off.

[@BiggerPocketsMoney]

Hi Blake! Here is the link to that specific episode: kzbin.info/www/bejne/qnKnfGqdfNBkoq8. Thanks so much for being such a dedicated listener :) Hope you find this episode helpful!

[@BlakeLennonMusic]

@@BiggerPocketsMoneyExcellent! Thank you Scott/Mindy. Yes, long time BP podcast listener and book reader since 2013. (I recommend Set For Life to all the youngsters in my life) Over the last few years I’ve really settled in on this particular podcast 😊👍

[@wombatstriker]

​@@tcwaz yeah, I thought it was just a conservative financial approach thing (if you have a low interest rate), I didn't realize it actually does require less assets as well. Of course if you think you'll live long enough for it, you'll still have the assets after they finish off paying your mortgage, which isn't really the same if you just pay off the house- there's some pluses and minuses to both approaches, but paying off does seem like the quicker path to reach FI.

[@mekbeb]

insightful conversation.

[@tylercampbell6058]

Anyone else here loving the Bon Jovi FIRE life? Half way there…

[@kwokweng76]

Today's topic is great 👍

[@cruz3076]

I'm loving my retirement so far! My wife and I worked hard to reach this point - we're both retired, debt-free, and fortunate to have over $3 million in net worth. We achieved this through a saving and investing lifestyle in the stock market, which now generates passive income for us. And now, we get to enjoy the fruits of our labor! We're traveling, golfing, and spending quality time with the grandkids. We feel grateful to be living smart and frugal, making the most of our golden years.

[@vincentchan5773]

Absolutely! I'm in the same boat. I just got back from a road trip across the country. It's amazing how much energy and freedom we have now. Make the most of it, because it won't last forever!

[@JoshawnWilliams-s7b]

I'm a young dad and I'm really glad to hear your story - it inspires me! I'm still working, but I'm counting down the days until I can enjoy the Go Go Years. Can you please share your tips? What's the key to achieving this milestone and making the most of your retirement years? Any tips would be greatly appreciated!

[@Jones21554]

I hit $3 million in my late 40’s and hope to reach a $5-6 million net worth by age 65. Most of my friends retired at age 50 with $5-10 million net worth. I am far behind my peers and am working harder than ever to catch up!

[@ChristianJacquet-my3rl]

Retired March 2024 at age 54 after working 34 years at the same company I Love retirement I do what I want every day I get out a walk daily and go out and about and No I’m not cleaning and cooking every day I just want to enjoy what I have worked so hard for I would advise anyone to retire I thought I would travel more but I haven’t wanted to as much as I thought I would my stress level is Gone my health is more important than any amount of money

[@cruz3076]

​ @JoshawnWilliams Building a successful retirement requires discipline and strategy. Our journey's key takeaways include starting early, living below our means, diversifying investments, creating multiple income streams, planning for taxes, prioritizing relationships, and maintaining an active and healthy lifestyle. Additionally consult with a fiduciary advisor ,who can help grow your funds , Create a personalized plan and better prepare you for a successful retirement. we are with Glen Howard Chester a NY-based fiduciary

[@HieouyaAgnèsDoyo]

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.

[@HaholBarton]

I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work.. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.

[@PowerfulMoneyHabits]

I have 1887 days til my cash flow number.

[@FarmingSparky]

I was recently watching episode 542 where you guys mention the middle class trap of having all your net worth wrapped up in your primary residence and your 401k. Just curious what you think about the simulation the mad fientist has on one of his blogs of just taking the 10% hit for early withdrawal out of your 401k when you reach FI. I know thats not optimal but do you think it is an okay option?

[@hastycontemplation]

One of their vids is an interview with someone who takes from his 401k but he is under 59.5. It's called a 72t, and there is no penalty.

[@user-ku5vm5jb1h]

Once again, only telling stories about people who already had money and married. Not relatable. How about starting from scratch and single? Are those people irrelevant to you? I think you know the success rate is so much lower for them and that’s why you won’t have episodes about it. House hacking is not possible for all single people middle aged. I know you’ll push that idea.